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3 Approaches Same-Sex Couples Can Have to Simplify Their Finances

Personal Insights

There’s no reason why same-sex couples can’t have the benefits that other couples do, especially since same-sex marriage has been legal across the United States for nearly four years now. Same-sex couples today in the United States can always look to simplify their finances.

Although it’s difficult, the act is not impossible. Whether a same-sex couple is married or not, they need protection in order to succeed in the financial aspects of their life. But where do you start? Here are 3 approaches that same sex couples can take to simplify their finances.

If You Were Married Before the Obergefell Decision

After 2015, married same-sex couples have the same benefits as those who are heterosexual. But if you were married before the federal government recognized it, you risk missing out on  Social Security that isn’t offered right off of the bat.

Since it’s not easily given out, you’re going to have to request it. In short, the administration recognizes a valid marriage as the date of the marriage, even if it occurred before that particular course case.

Civil unions are also recognized underneath this policy as well; giving them entitlement to Social Security and to Medicare. Unfortunately for those who may have had a spouse pass, you won’t be able to legally claim their benefits.

If you live together and are unmarried, getting a beneficiary in retirement accounts is easier. Setting up a 401 (k) and individual plans are essential to secure your future. In the case of a non-married spouse, the money goes to a family member. That’s why measurements need to be put into place to make sure no one is left in the dust.

Challenges Will Happen. Be Ready to Accept Each of Them.

Because of income gaps on gender alone, males are going to earn way more than women., Those who aren’t heterosexual have been shown to earn less than heterosexual counterparts.

Surveys have found barriers between financial goals, as well as spending habits. Because of shaky civil rights and lack of job availability, same-sex couples are going to experience far more stress. A significant number of LGBTQ individuals in a relationship feel that they were highly concerned for their financial rights in the county.

Always Keep Your Documents Within Reach

Even if it’s legal, keeping important papers accessible regardless of who is in the White House or controls Congress  can be especially helpful. This is going to include medical documents and power of attorney papers, which will be essential when keeping your assets safe. When traveling internationally, it’s good to remember not every country is as welcoming to same-sex marriage, meaning that keeping your legal documents (or a copy) could easy a tense situation.

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